Apple's premium ecosystem and services growth underpin strong returns, but valuation is rich relative to its own history and dividend appeal.
Valoración: justa
For a mature, profitable hardware-and-services leader like Apple, relative multiples against its industry and sector provide the most meaningful valuation context. The stock trades at a P/E of 39.2, which is roughly in line with the industry P/E of 39.3 and at a discount to the sector P/E of 48.0, giving a stance of 'justa' (fairly valued). The forward lens also supports this, with a PEG of 1.7 and EPS growth of +23%, indicating that the earnings multiple is justified by expected growth. The dividend lens is less relevant given the low yield of 0.3%, and the book value lens is distorted by Apple's massive share buybacks and intangible-heavy model, making P/B of 46.9 and P/TBV of 57.8 less meaningful.…
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Salud financiera
solida
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Apalancamiento
baja
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Retorno sobre capital
alto
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Crecimiento
moderado
Negocio
Apple Inc. designs and sells a broad range of consumer electronics, including the iPhone, Mac, iPad, and wearables, and generates significant recurring revenue from a growing services ecosystem that includes the App Store, Apple Music, iCloud, and Apple Pay. Revenue is geographically diversified, with the Americas being the largest segment, followed by Europe and Greater China. The company's integrated hardware-software-services model creates high customer loyalty and pricing power.
Análisis
Apple's financial quality is exceptional, with a return on invested capital of 52% and a return on equity of 137%, reflecting a highly efficient, asset-light model that generates substantial free cash flow. The balance sheet is conservative, with net debt to EBITDA of 0.27× and a Piotroski F-score of 9/9, indicating strong operational health. Growth is moderate but steady, with revenue up +6.4% and earnings per share up +23% in the last fiscal year, driven by services and continued iPhone demand.
Fortalezas
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Exceptional capital efficiency with a return on invested capital of 52%.
ROIC 52%
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Strong balance sheet with low leverage, as net debt to EBITDA is 0.27×.
Net debt/EBITDA 0.27×
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Solid earnings growth of +23% in the last fiscal year.
EPS growth +23%
Riesgos
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Valuation is rich on an absolute basis, with a P/E of 39.2 and EV/EBITDA of 30.0×.
P/E 39.2
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Low dividend yield of 0.3% offers limited income support.
Dividend yield 0.3%
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Revenue concentration in the Americas (43%) and Greater China (15%) exposes to regional demand swings.
Americas revenue 43%
Catalizadores
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Next earnings report
02 de nov